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Price of petrol, diesel slashed in India
Wednesday, 16 April 2003, 19:30 IST
NEW DELHI: Indian oil firms Monday said they would reduce retail prices of petrol and diesel by 
1.08 and 1.18 a litre respectively following the softening of global crude oil prices.
The slashed price, which comes after sustained hikes in the last three months, will be effective from midnight Tuesday.
With the reduction, petrol will cost 32.49 a litre in New Delhi as against the prevailing 33.49 a litre while diesel prices have gone down from 22.12 to 21.12 a litre.
Diesel prices in Kolkata will decline from 23.51 to 22.52 a litre. In Mumbai the fall will be of 1.18 a litre to 26.70 while in Chennai diesel prices will come down from 24.65 a litre to 23.55 a litre.
India depends on imports for around 70 percent of its crude oil requirements.
In the last three months, India's oil companies raised the prices of the two fuels as global crude prices spiralled sharply higher because of the U.S.-led war on Iraq, which accounts for nearly 40 percent of global oil supplies.
Source: IANS
1.08 and 1.18 a litre respectively following the softening of global crude oil prices.
The slashed price, which comes after sustained hikes in the last three months, will be effective from midnight Tuesday.
With the reduction, petrol will cost 32.49 a litre in New Delhi as against the prevailing 33.49 a litre while diesel prices have gone down from 22.12 to 21.12 a litre.
Diesel prices in Kolkata will decline from 23.51 to 22.52 a litre. In Mumbai the fall will be of 1.18 a litre to 26.70 while in Chennai diesel prices will come down from 24.65 a litre to 23.55 a litre.
India depends on imports for around 70 percent of its crude oil requirements.
In the last three months, India's oil companies raised the prices of the two fuels as global crude prices spiralled sharply higher because of the U.S.-led war on Iraq, which accounts for nearly 40 percent of global oil supplies.
Source: IANS